The private investment arm of the International Development Bank (IDB), IDB Invest, is committed to investing in companies that are solving social, economic, and environmental issues in Latin America. Following the explosive growth of the Latin America fintech sector, the IBD recently made their first investment in a fintech startup: MONI.
MONI is a mobile-based loaning app that allows customers to get a cash advance immediately, online. IBD Invest invested US$3M in the Argentine app, with possibility for a US$2M follow on fund. This investment will help MONI continue to improve and expand their lines of credit for the underbanked in Argentina and Latin America.
The IBD sees a possibility for MONI to make a difference regionally, as there is an urgent need for short-term credit options in underbanked areas such as Mexico. To date, MONI has already made more than 500 thousand loans in Argentina. The IBD hopes to help MONI scale to areas of Latin America with high cell penetration and very low bank penetration.
Read more in the original story for PulsoSocial.